Question 1

What is the primary purpose of the GSTR-3B return?

Accepted Answer

To declare the summary of inward and outward supplies along with tax liabilities

Answer

To file annual financial statements

Answer

To report only outward supplies

Answer

To declare personal income

Question 2

Which types of GST taxes are detailed in the video?

Accepted Answer

CGST, SGST, IGST, UTGST

Answer

Central Tax, State Tax

Answer

Local Tax, Regional Tax

Answer

VAT, Sales Tax, Service Tax

Question 3

Why is timely filing of GSTR-3B important?

Accepted Answer

To avoid penalties and ensure compliance

Answer

To increase the tax liability

Answer

To reduce the need for accounting

Answer

To obtain tax refunds

Question 4

What information is primarily required in the GSTR-3B return?

Accepted Answer

Summary of inward and outward supplies and tax liabilities

Answer

Employee salary details

Answer

Detailed income and expenditure statements

Answer

List of all business assets

Question 5

How often must the GSTR-3B return be filed?

Accepted Answer

Monthly

Answer

Bi-annually

Answer

Quarterly

Answer

Annually

Question 6

Which tax applies to transactions within the same state?

Accepted Answer

SGST and CGST

Answer

Central Excise Duty

Answer

IGST

Answer

UTGST

Question 7

What is the penalty for late filing of GSTR-3B as mentioned in the video?

Accepted Answer

Late fee along with interest on the outstanding tax

Answer

Only a warning

Answer

Complete waiver of tax liability

Answer

Immediate suspension of GST registration

Question 8

What is the primary difference between CGST and SGST?

Accepted Answer

CGST is collected by the central government, and SGST is collected by the state government

Answer

CGST is a direct tax, and SGST is an indirect tax

Answer

CGST is for services, and SGST is for goods

Answer

CGST applies only to imports, and SGST applies only to exports

Question 9

How are interstate transactions taxed under the GST regime?

Accepted Answer

Through IGST

Answer

Only through UTGST

Answer

Through CGST and SGST separately

Answer

Only through SGST

Question 10

What practical steps are suggested in the video for accurate GSTR-3B filing?

Accepted Answer

Maintaining detailed records of all transactions and using accounting software

Answer

Filing only when reminded by tax authorities

Answer

Submitting incomplete information to save time

Answer

Guessing the figures based on previous months

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